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Business Crimes Hotline
CALIFORNIA
Man Pleads Guilty in $4 Million Oil and Gas Ponzi Scheme
Patrick Wayne Maloy, a former Orange County, CA, resident who allegedly defrauded investors out of $4 million in a series of bogus oil and gas investments, pleaded guilty in the United States District Court in Los Angeles to one count of mail fraud and one count of tax evasion. Maloy allegedly solicited victims to invest in companies that were purportedly involved in the exploration, development, and production of oil- and gas-producing properties. Maloy, who raised more than $4 million from over 100 investors throughout the United States, allegedly told investors that their funds would be used to acquire interests in oil and gas wells when, in fact, little money was used to acquire interest at all. Instead, Maloy allegedly diverted investor funds for his personal benefit. He also allegedly misused investor funds to operate a Ponzi scheme, in which he used money from new investors to pay old investors.
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